Summit, New Jersey’s luxury townhome community sells for $ 6.25 million
The Kislak Company, Inc. recently announced the sale of a 10-unit luxury townhouse community in Summit, Union County, New Jersey for $ 6,250,000.
The townhouses, built in 2019, are located at 150, 152, 154, 156 and 158 Broad Street. They are a mix of two bedroom and two and a half baths with open floor plans, fully finished basements and a private garage. Known as the Broad Street Portfolio, the property is located less than one mile from Summit Station.
According to data available from CoStar, the unit price of $ 625,000 is the highest unit price ever for a multi-family property in Union County, New Jersey.
The property was exclusively marketed by Kislak. Kislak Senior Vice President Joseph Keenan handled the assignment while Executive Vice President Joni Sweetwood found the buyer.
Mr. Keenan commented, âThe strength of New Jersey’s transit-driven suburban market could not be more apparent than 10 townhouse style rentals that are trading at $ 625,000 per unit. This record price is underlined by the keen interest aroused by investors. A 10 unit property is generally smaller than the buyer’s target. However, the location and the product were of such quality that he couldn’t pass up the opportunity. I am grateful to the sellers for granting us this exclusive opportunity and look forward to further transactions with the buyer.
Ms Sweetwood added: âThis was a unique opportunity in a staging area. The units are similar to single-family home rentals, especially given sizes, separate entrances, and garages, but without any maintenance requirements for tenants.
The Kislak Company, Inc. is a commercial real estate brokerage firm based in Woodbridge, New Jersey.